Marcus receives an inheritance of ​$3,000. He decides to invest this money in a 11 ​-year certificate of deposit​ (CD) that pays 5.0 ​% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the ​11 years?

Marcus will receive $5,193.82 when he redeems the CD at the end of the ​11 years.

Compound interest is computed as interest on the principle of an account plus any accrued interest.

Compound interest can be calculated using the following formula:

A=P(1+r/n[tex])^{nt}[/tex]

Where:

A = the future value of the investment or loan

P = the principal investment or loan amount

r = the interest rate (decimal)

n = the number of compound periods

Marcus receives an inheritance of ​$3,000.

He decides to invest this money in an 11 ​-year certificate of deposit​ (CD) that pays 5.0 ​% interest compounded monthly.

P = $3,000

r =5%

t = 11 years

A=P(1+r/n[tex])^{nt}[/tex]

Substitute the values of P, r and t in the formula,

First, convert R as a percent to r as a decimal

r = R/100

r = 5/100

r = 0.05 rate per year,

Then solve the equation for A

A=P(1+r/n[tex])^{nt}[/tex]

A = 3,000.00(1 + 0.05/12[tex])^{(12)(11)}[/tex]

A = 3,000.00(1 + 0.0041666666666667[tex])^{132}[/tex]

A = $5,193.82

Therefore, Marcus will receive $5,193.82.

To learn more about the compound interest rate;

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